UBS' Alli McCartney: Here's why the bull market remains intact
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CNBC
40 minutes ago
- CNBC
CNBC TechCheck Evening Edition: August 20, 2025
CNBC's TechCheck brings you the latest in tech news from CNBC's 1 Market in the heart of San Francisco.
CNBC
40 minutes ago
- CNBC
Crypto treasury firms whose shares once soared have tumbled in August. Here are the big winners and losers
Companies that stock up on cryptocurrency as treasury assets became central players in the crypto market earlier this summer as investors chased returns during a bitcoin price slump . However, the rally for shares of certain names in the space has cooled dramatically in August. A catalyst awaits in the form of the Federal Reserve's Jackson Hole economic symposium this week: Depending on the central bank's messaging, some of these stocks could resume their upward trajectory if the market's appetite for risk returns. CNBC took a look at the winners and losers from this sector this month, as well as since they adopted their crypto accumulation strategy. We also analyzed what sets the biggest gainers apart from the rest and what potential investors should consider from this group. The data below is current as of Aug. 19. To be sure, the short-term comparison is deceptive because each of the companies announced their crypto treasury focus at different points on the calendar. Ethzilla , for example, did so most recently on July 29, and the initial rush into the stock carried into the beginning of August. The shares have the highest month-to-date return of the group at about 114%. Ether -focused BitMine Immersion Technologies has the second biggest gain this month so far, followed by Solana holding company DeFi Development Corp . Here's how the other names have fared: Support from notable backers Companies with high-profile backers like Fundstrat Global Advisors' Tom Lee and tech billionaire Peter Thiel are holding up better. Lee became the chairman of BitMine Immersion in late June, shortly before Thiel disclosed a 9% stake in the company . Thiel later bought a 7.5% stake in Ethzilla, formerly a biotech company called 180 Life Sciences. "Large names extend their reputation to the vehicle and instill confidence that the backers of these assets — alongside executives and board members with legal ties — will operate them as real businesses, growing revenue while managing risks," said Michael Bucella, co-founder and managing partner at Neoclassic Capital. "That investor confidence creates momentum and market depth, which fuels volume and options activity," he added. "This in turn enables these companies to establish sizable ATM programs, raising large sums of capital to acquire more of the asset and gain greater prominence in its ecosystem." Steve Kurz, global head of asset management at Galaxy Digital, which has backed big deals like SharpLink Gaming and ReserveOne (which is expected to begin trading at the end of the year), emphasized the importance of quality management teams not just when picking stocks but also when assessing how long the sector's momentum can last. "Those that raise more capital with the right partners, with the right business model, with the right management teams have a much better shot of achieving some escape velocity with their ultimate treasury management companies, which also can become ecosystem companies that are bigger than just the immediate launch moment," he said. The ether connection Companies focused on ether versus other cryptocurrencies — including bitcoin — have fared better overall. That's due to the successful initial public offering of stablecoin issuer Circle , the passage of the stablecoin regulatory framework known as the GENIUS Act, and the subsequent explosion of institutional interest in stablecoins – most of which run on the Ethereum network. Strategy , which famously pioneered the original bitcoin treasury strategy in 2020, is down about 16% this month. A little-known Canadian vape company called CEA Industries saw shares surge about 550% on July 28 after it joined the Strategy copycat club, with a focus on accumulating Binance Coin . It's down 28% this month. Solana-focused DeFi Development is seeing more success, however. It's up about 2,600% since its April 7 accumulation announcement – nearly as much as Strategy's return since its June 2020 pivot. For the month, it's still up 8%. Bit Digital is now an ether accumulator, having exited bitcoin mining in June to focus on its ether treasury and staking plans. However, it has seen less success with shares up 11% since the company's announcement and a 6.5% decline this month. —CNBC's Chris Hayes and Tom Rotunno contributed reporting.
CNN
an hour ago
- CNN
New tariffs are generating billions of dollars in revenue, but Bessent says that will go toward paying national debt
Source: CNN Treasury Secretary Scott Bessent on Tuesday threw cold water on the idea that Americans could soon receive tariff rebate checks. Bessent, during an interview on CNBC's 'Squawk Box,' said that revenue from import tariffs will be put toward the US national debt. 'I think, at a point, we're going to be able to do it,' he said, noting how S&P Global on Monday affirmed its AA+ credit rating on the United States. 'But President [Donald] Trump and I are laser-focused on paying down the debt.' Some lawmakers have proposed using tariff revenue to send rebate checks of at least $600 per adult and dependent child. A family of four could end up with around $2,400 from the federal government. The United States has collected $100 billion in tariff revenue since April, when a large swath of Trump's global tariffs went into effect, according to Treasury Department data through July. Trump, in touting the potential revenue from import taxes, has floated a couple of uses for those funds: First, to pay down the nation's massive debt, but also to potentially give 'a dividend' to the American people. Bessent on Tuesday said that tariff revenue is on pace to exceed expectations. 'I'd been saying that tariff revenue could be $300 billion this year,' he said. 'I'm going to have to raise that up substantially. I think that we're going to bring down the deficit-to-GDP, we'll start paying down debt, and then, at a point, that can be used as an offset to the American people.' Bessent declined to provide details about how much higher revenues are expected to climb, other than saying it would be 'substantial.' Still, Bessent said he hopes there could be relief coming for Americans via lower interest rates. The Federal Reserve has held interest rates steady since December of last year. The probability of a September rate cut has risen following a July jobs report that showed lackluster employment gains during the past three months, but those odds dropped from nearly 100% to the 80% realm after the latest batch of inflation data, released last week, showed a pickup in some price hikes both for businesses and consumers. Bessent on Tuesday largely dismissed the gains, noting that a large portion of the pickup in the Producer Price Index's inflation gauge was because of stock market gains. 'The real problem here is we're seeing some distributional aspects to the higher rates, especially in housing and for lower-income households with high credit card debt,' he said. 'We're seeing this big [capital expenditures] boom, part of it is AI, part of it is the tax bill, and so capex is doing well; but households, home building is struggling.' Bessent added that the Fed lowering rates could facilitate a pickup in home building, which, in turn, could help lower prices in the longer run. 'If we keep constraining home building, what kind of inflation does that create one or two years out?' he added. July data from the US Census Bureau showed that the amount of new home construction ticked up significantly above expectations last month, rising 5.2% from June at a seasonally adjusted annual rate of 1.428 million. Economists expected a 0.3% increase at a rate of 1.31 million. Housing starts had been weak in the three months prior to July. See Full Web Article
